Make Which Toast?

I'm a big fan of Ted Leo & the Pharmacists. There's a really great song off of Hearts of Oak called "I'm a Ghost." In the first line of the song (see the full lyrics here), he sings, "I'm a Ghost, and I wanted you to know that it's taking all my strength to make this toast." I always assumed that he meant a verbal toast, initiated in public by the tapping of a knife against a glass. However, my friend always thought he literally meant toast. The debate continues.